Cambodia’s securities regulator has given approval in principle to four new fund management firms to operate in the country, after issuing five new licences in the first quarter, according to a local English language daily.
The four are AU Reits Co Ltd, Ants Capital Co Ltd, IS4KH Asset Management Plc, and Belt Road Capital Management (Cambodia) Co Ltd, the Phnom Penh Post says in a report on April 24, quoting Sou Socheat, director-general of Securities and Exchange Commission of Cambodia (SECC).
"We require the companies to provide additional documents in order to officially receive a licence. We gave them one month to complete their application," Mr. Socheat says.
There were no other details about the companies.
The report says the SECC issued five fund management licences between January and March, including to Aegies Fund Management Plc and PLMP Venture Capital Co Ltd.
It’s not clear how many fund management firms are currently operating in Cambodia.
SECC spokespersons did not immediately respond to questions from Asia Asset Management (AAM).
The regulator needs to continue its efforts to attract more companies to invest in Cambodia, according to a fund manager at a European asset management firm in Singapore.
"Allowing more financial services providers to come in is only one part of the equation. Over time, the government would also need to open up some of its state-owned entities to investors," he tells AAM, speaking on condition of anonymity.
There are only five companies listed on the Cambodia Securities Exchange, with a combined market capitalisation of US$800.39 million as of end-2019.